Bitcoin Stalls at $63,800 as Traders Eye $67,000 Rebound

Bitcoin's recovery above $64,400 on Sunday has placed the focus back on its immediate support level at $63,800. Technical traders have been watching this zone closely, with Ali Martinez identifying it as a key pivot point that could open up a potential rebound towards $67,000 if sustained.

The spot trading volume was relatively low on Sunday, standing near $14.3 billion over 24 hours, below the levels seen during last week's push above $66,000. Bitcoin has been trading near $64,491, up about 0.6% from its lowest point of the session.

However, analysts warn that a breakdown below the $63,800 level would shift attention back to the $60,000 region, which absorbed selling pressure during June's decline. To clear this resistance and move towards $67,000, Bitcoin must first break through the $65,000 to $65,500 area.

One-week 25-delta skew has fallen towards 4%, indicating reduced demand for immediate downside protection, while options traders remain relatively defensive. Institutional flows have strengthened during the recovery, with U.S. spot Bitcoin ETFs recording seven consecutive positive sessions from July 14 through July 22, attracting $981.2 million as BTC reached $66,300.